Finite rationality modeling

Author: Rubinstein Ni Xiaoning
Publisher:
Publish Date: 2005-10-01
Features: Modeling bounded rationality is one of the most important issues faced by economic theory. Rubinstein is one of the leading developers of "programmed rationality" agent models. In his unfinished attempts, he has made meticulous considerations of maximizing the payoffs of these agents, while this book also provides an excellent presentation of related topics in his research field. — Drew Fudenberg, Professor of Economics at Harvard University
Professor Rubinstein has developed valuable tools for modeling bounded rationality and has used these tools to construct a series of thought-provoking models. It is believed that his book will surely inspire economists to explore which models fit the current state of economic development and economic systems. — Carnegie Mellon University Department of Psychology
Like a wrestler relaxing his muscles for a match that will never happen, economists have claimed to do something about bounded rationality for over thirty years. The appearance of this first-class work marks the beginning of the match. — Ken Binmore, London School of Economics and Political Science
Professor Rubinstein has developed valuable tools for modeling bounded rationality and has used these tools to construct a series of thought-provoking models. This book elaborates on topics such as bounded rationality in choice, decision modeling procedures, knowledge modeling, bounded memory modeling, known choices, modeling complexity in group decision-making, bounded rationality modeling in game theory, and complex factors in repeated games. It is a collection of lecture notes from the author's many years of teaching. At the end of each chapter, there are many valuable reference books and inspiring exercises. This book provides material for a semester-long course for undergraduates. The selection of material is very personal. Reference books are provided at the end of each chapter. Exercises after notes contain some speculative materials and ideas, and readers should consider them carefully.
Professor Ariel Rubinstein, a master of game theory, wrote the book "Modeling Bounded Rationality," which is composed of his accumulated lecture notes over the years. It is an influential, rich, and profound academic monograph with concise, refined, and summarized explanations. In his writing, he gets straight to the point, showing that he has already assumed that readers have the corresponding mathematical foundation and a certain degree of understanding and grasp of economic theory, especially game theory. If readers need to further study and research a particular part of the content, they can follow the clues provided in the reference book notes at the end of each chapter, which is one of the book's unique features. Another feature of the book is its strong professionalism, belonging to the "high-end, precision, and cutting-edge" type. The content covered is rarely studied by scholars in China, and corresponding Chinese literature on the same topic is also scarce. Therefore, this book provides readers with a window and a way to broaden their horizons and understand the forefront of international economic research.